975393 Ontario Inc. Press Release

TORONTO, July 25, 2017 /CNW/ - 975393 Ontario Inc. announced today that it and its joint actors (collectively, "975393") have acquired beneficial ownership of 1,750,000 units ("Units") of Partners Real Estate Investment Trust ("Partners REIT"), representing approximately 3.8% of the issued and outstanding Units. All of the Units were acquired at a subscription price of $3.10 per Unit (total subscription proceeds of $5,425,000) pursuant to the exercise of rights issued pursuant to a rights offering (the "Rights Offering") of Partners REIT that closed on July 19, 2017.

Prior to the completion of the Rights Offering, 975393 beneficially owned 4,659,936 Units, representing approximately 13.6% of the outstanding Units. After the completion of the Rights Offering, 975393 now has beneficial ownership of 6,409,936 Units, representing approximately 14.0% of the issued and outstanding Units. A joint actor of 975393 Ontario Inc. also beneficially owns 10,214 deferred units of Partners REIT.

975393 acquired the 2,436,569 Units for investment purposes. Subject to compliance with applicable securities laws, 975393 may, from time to time, increase or decrease its ownership, control or direction over the Units or other securities of Partners REIT through market transactions, private agreements or otherwise, and may, from time to time, have discussions with other unitholders of Partners REIT and its board of trustees regarding Partners REIT, its prospects and potential means for enhancing unitholder value and corporate governance or initiate or participate in such other actions as it considers necessary to enhance unitholder value or corporate governance at Partners REIT.

SOURCE 975393 Ontario Inc.

For further information: For further information or a copy of the report filed under National Instrument 62-103, please contact Michael Partridge, (416) 597-5498. The head office of Partners REIT is located at 36 Toronto Street, Suite 1160, Toronto, Ontario, M5C 2C5.

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975393 Ontario Inc.

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